Loan week, January 29-February 4

Australia

Peninsula Link's A$800 million seven-year facility has been signed via mandated lead arrangers ANZ, Banco Santander, Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, National Australia Bank, Royal Bank of Scotland, Sumitomo Mitsui Banking Corp and WestLB on a club basis.

Abigroup, Bilfinger Berger and Royal Bank of Scotland are the sponsor of the project.

Proceeds are for the construction and operation of the Australian Peninsula Link on a 25 year concession.

China

Binhai Tuanbo New Town (Tianjin) Holding has successfully secured a RMB300 million dual tranche debt package from sole mandated lead arranger and bookrunner Morgan Stanley.

The fundraising comprises a RMB250 million five year term loan which pays a spread of 103% of the PBOC rate, and a RMB50 million three year portion which is priced at 105% of the same benchmark. The facility was signed in late January with funding completed in early February. 

Final allocations saw Ping An Bank and Dah Sing Bank committing RMB250 million and RMB50 million respectively.

This facility follows the first phase financing of RMB200 million which was also arranged by Morgan Stanley for the Company last October. Proceeds are for capital expenditure and general corporate purposes. 

A RMB500 million three-year term loan for Fujian Casey Steel Group was signed in late January via sole bookrunner Standard Chartered Bank. Agricultural Bank of China joined in as an equal-status lead arranger.

Guaranteed by Fujian Casey Tinplate, Fujian Casey Steel and Fujian Casey Stainless Steel, both lenders committed RMB250 million each and the margin is 112% of the PBOC three year lending rate.

Proceeds are for capital expenditure and debt repayment purposes.

India

Essar Oilfield Services India's Rs12.1 billion 12.5-year financing was signed last week via sole mandated lead arranger and bookrunner IDBI Bank.

IDBI Bank and participant Punjab National Bank each took Rs2.5 billion. Corporation Bank, State Bank of Hyderabad and Union Bank of India committed Rs2 billion, Rs1.5 billion and Rs1.1 billion respectively. Punjab & Sind Bank gave Rs1 billion while L&T Finance offered Rs900 million. L&T Infrastructure Finance rounded up the group with a hold of Rs600 million.

Proceeds are to finance the purchase of two jack up rigs for offshore drilling services.

A $200 million 10-year term loan for Idea Cellular has been sealed via bookrunners Nordea Bank and RBS/ABN Amro with SEK joining as a participant.

Proceeds are for capital expenditure purposes.

A Rs6 billion 15-year term loan for Jaypee Infratech has been inked via mandated lead arrangers and bookrunners Axis Bank, ICICI Bank and SBI Capital Markets.

ICICI Bank committed Rs23 billion while Axis Bank took Rs2.5 billion. Participant Punjab National Bank took Rs10 billion while India Infrastructure Finance and Union Bank of India contributed Rs5.3 billion and Rs3.2 billion respectively. Corporation Bank and UCO Bank each lent Rs3 billion while Dena Bank and State Bank of Patiala gave Rs2 billion apiece. Oriental Bank of Commerce offered Rs1.8 billion while Punjab & Sind Bank and State Bank of Hyderabad held Rs1.6 billion. Srei Infrastructure Finance joined in with a Rs1 billion ticket.

Proceeds are to support the construction of Yamuna Expressway in India.

A Rs2.4 billion project financing for Mahakaleshwar Tollways has been completed via bookrunners Axis Bank and SREI Infrastructure Finance.

Syndication saw State Bank of India, State Bank of Travancore and State Bank of Patiala joining in as participants.

Proceeds are to finance a toll road project in State of Madhya Pradesh, India.

Navayuga Dichpally Tollway's Rs2.0 billion 14.67 year term loan was sealed last week via sole bookrunner Axis Bank.

Final allocations saw the sole bookrunner taking Rs850 million while participants Andhra Bank and Bank of India came in with Rs700 million and Rs410 million respectively.

Proceeds are to support a toll road project in India.

Japan

A ¥62 billion 364-day revolving facility for Tokyo Electric Power has been sealed via sole mandated lead arranger and bookrunner BNP Paribas. Citi and Norinchukin Bank joined in at lower levels.

Proceeds are for general corporate purposes.

Singapore

HSBC Institutional Trust Services (Singapore), acting as the trustee for Ascendas Real Investment Trust (A-REIT), has secured a S$150 million three-year term loan from mandated arrangers Natixis, Oversea-Chinese Banking Corp and Standard Chartered Bank.

The bullet loan features a spread of 175bp over Sibor.

Proceeds are for general corporate purposes.

South Korea

Korea Resources Corp has successfully secured a $55 million three-year financing via mandated lead arranger and bookrunner Standard Chartered Bank.

The lead pledged $45 million while joint lead arranger Chinatrust Commercial Bank came in with a hold of $10 million.

Proceeds are for debt repayment and general corporate purposes.

Taiwan

Advance Materials Corp and its Samoa-incorporated subsidiary AMC Holding have obtained two five-year financings of NT$750 million and $13 million respectively via coordinating arrangers Chinatrust Commercial Bank and Industrial Bank of Taiwan.

The NT$ facility offers a margin of 100bp over the secondary CP rate while the US$ portion is priced at 110bp over Libor.  

Syndication saw Bank Sinopac, China Development Industrial Bank, First Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank joining in as co-arrangers.

Proceeds are to refinance an existing syndicated facility signed in May 2007.

A NT$1.2 billion three-year revolver for CDC Finance & Leasing Corp was inked last Friday (January 29) via coordinating arrangers First Commercial Bank, Industrial Bank of Taiwan, Ta Chong Bank and Taiwan Cooperative Bank.

The revolving credit features a spread of 120bp over the 30, 60, 90, 120 and 180-day secondary CP rate with a minimum after-tax interest rate of 2.12% in the first year after drawdown.

Final allocations saw the leads taking NT$180 million each while joint arranger Chang Hwa Commercial Bank committed NT$144 million. Bank of Kaohsiung contributed NT$120 million while managers Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Business Bank ended up with NT$72 million apiece.

Proceeds are to refinance an existing debt facility signed in 2007 and for working capital purposes.

Horizon Yacht's NT$800 million three year fundraising has been sealed via bookrunners Bank of Taiwan and Chinatrust Commercial Bank.

The transaction consists of a NT$200 million term loan and a NT$600 million revolving credit which are priced at 115bp and 125bp over the one-year post office savings rate respectively.

Final allocations saw the leads taking NT$90 million each while co-arrangers Agricultural Bank of Taiwan, Bank Sinopac, Chang Hwa Commercial Bank, DBS Bank, E.Sun Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank, Taishin International Bank and Taiwan Business Bank contributed NT$52 million apiece. Managers Taiwan Shin Kong Commercial Bank committed NT$44 million while First Commercial Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank joined in with NT$36 million each.

Proceeds are to refinance an existing bilateral facility and for working capital purposes.

An NT$800 million three year financing for Hua Jeng Chemical Industrial was completed via coordinating arrangers Chang Hwa Commercial Bank and Taichung Commercial Bank.  The facility was oversubscribed to NT$840 million.

The debt package comprises an NT$800 million revolver and a NT$200 million letter of credit but the total outstanding amount of the facility cannot exceed NT$800 million.  The pricing of the revolver is tied to the borrower's after-tax profit and debt ratio over the one-year post office savings rate with spreads ranging from 80bp to 100bp.  There is an interest rate floor to ensure a minimum of 1.3% on the base rate.

Final allocations saw the coordinating arrangers Chang Hwa Commercial Bank and Taichung Commercial Bank contributing NT$180 million each. Participants Agricultural Bank of Taiwan and Hua Nan Commercial Bank pledged NT$100 million apiece while First Commercial Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank committed NT$80 million each.

Proceeds are to refinance existing debt and working capital purposes.

A NT$1.2 billion multi-tranche three-year fundraising for QST International Corp was completed last Friday (January 29) via coordinating arrangers Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, Mega International Commercial Bank, Ta Chong Bank and Taipei Fubon Commercial Bank. The facility was oversubscribed and upsized from NT$1 billion.

The debt package comprises a NT$480 million term loan tranche 1, a NT$570 million tranche 2 and a NT$150 million guarantee facility tranche 3 contributed equally by China Bills Finance Corp, International Bills Finance Corp and Mega Bills Finance Corp. Tranche 2 is further split into a NT$570 million revolving credit and a $9 million standby letter of credit for which the total outstanding amount cannot exceed NT$570 million.

Final allocations saw the coordinating arrangers contributing NT$100 million each, except for facility agent Mega International Commercial Bank, which has committed NT$140 million. Co-arrangers Bank Sinopac, DBS Bank and Hua Nan Commercial Bank joined in with NT$70 million each while managers Shanghai Commercial & Savings Bank and Taishin International Bank came in with NT$50 million apiece.

Proceeds are to refinance an existing NT$1.1 billion loan signed in 2007 and for working capital purposes.

Tekcore Co's NT$1.8 billion fundraising has been sealed via mandated lead arrangers Chang Hwa Commercial Bank and Mega International Commercial Bank.  The deal was oversubscribed and upsized from NT$1.5 billion.

The five-year debt package consists of a NT$1.4 billion term loan, a NT$200 million term loan and a NT$200 million revolving credit.  The tranches offer spreads ranging from 70bp to 90bp, depending on the borrower's debit ratio and interest coverage ratio, over the one-year floating post office savings rate.

Mandated lead arrangers Chang Hwa Commercial Bank and Mega International Commercial Bank each committed NT$290 million.  Lead arrangers Taichung Commercial Bank and Taiwan Business Bank contributed NT$255 million apiece while DBS Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank pledged NT$170 million separately.  Managers Taipei Fubon Commercial Bank and Cathay United Bank held NT$115 million and NT$85 million respectively.

Proceeds are to purchase machinery, refinance existing facility and working capital purposes.

Vibo Telecom's NT$3 billion three year financing was upsized from NT$2.5 billion and sealed last week via coordinating arrangers Chinatrust Commercial Bank, DBS Bank, EnTie Commercial Bank, Ta Chong Bank and Taishin International Bank.

With a two year extension option, the debt package is split into a NT$1.8 billion revolving credit and a NT$1.2 billion term loan. The revolver offers a margin of 120bp to 180bp linked to EBITDA ratio over the primary CP rate while the term loan features a margin of 110bp to 170bp over the same base rate.

Final allocations saw the leads taking NT$500 million each while managers Bank Sinopac came in with NT$250 million and Bank of Taiwan lent NT$170 million. Participant Chang Hwa Commercial Bank ended up with NT$150 million.

Proceeds are for working capital and capital expenditure purposes.